Image source: Top Gear
The first car under the new, more affordable Onvo brand was unveiled by Chinese electric vehicle manufacturer Nio on Wednesday. The brand intends to compete with Tesla’s Model Y, which is now the best-selling EV worldwide. The Onvo L60 SUV, unveiled by Nio, has a sticker price of 219,900 yuan ($30,476), which is 12% less than the beginning price of Tesla’s Model Y in China, which is 249,900 yuan. Nio plans to begin delivery of the Onvo L60 in September.
In Shanghai, chief executive William Li unveiled the Onvo L60 SUV, stating that the company aimed to compete with Toyota Motor’s RAV4 by offering family cars that combine customer experience and ownership costs.
In the event, Li said, “RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars.” The car is more large than Tesla’s Model Y, he added.
The Onvo brand, which has a lower price tag, may potentially help Nio in growing outside of China, however expanding into Europe is overshadowed by the EU’s ongoing anti-subsidy probe into Chinese EV imports. The Onvo L60 comes with Nio’s self-developed 900-volt fast-charging system and offers an average energy usage of 12.1 kilowatt-hours (kwh) per 100 kilometres, which is somewhat lower than Tesla’s Model Y, according to Ai Tiecheng, president of the Onvo brand.
